The good news for Europe is that the worst of the pandemic is beginning to ease. The European Commission released projections on Wednesday that Europe’s economy will shrink by 7.4% this year. It’s a grim reminder that even if the virus dissipates, the economic fallout could pressure the world economy for months, if not years. The European Union, home to 440 million people, is the United States’ No. A prolonged European recession, a second wave of the virus or an anaemic economic recovery would spell added misery for many Europeans, and hurt companies, banks and people the world over.

Source: bd News24 May 06, 2020 23:48 UTC